WallStreetBets Coin cracks 10 ten…..?! WallStreetBets Coin suddenly appeared at the top of CoinMarketCap’s rankings, but is it an actual token?
Reddit’s r/Wallstreetbets has apparently spread to the cryptocurrency space. Dubbed WallStreetBets (WSB), the new coin “gained” 130% with a daily trade volume of $100 million, “overtaking” Bitcoin.
The new coin, unfortunately, is a joke. The coin’s page on CMC features the following message:
“All UR MeMes R belong to us and Charmander-marth!!11. We seek alpha and master beta. Please note that this is a joke and no such asset exists. If you see similarly-named projects, please perform the requisite due diligence and do not ape in.”
The Charmander-Marth is a reference to a YouTube video featuring Social Capital CEO Chamath Palihapitiya being interviewed by CNBC. Palihapitiya was successful in trading GameStop stocks during the short-squeeze initiated by the r/Wallstreetbets subreddit.
CMC’s coin page for WSB summarizes the GameStop saga, describing the short squeeze and the subsequent effect it had on the Robinhood trading app. This was in refeeence to Robinhood suspending trading for GameStop and other stocks, including AMC, Nokia, and Blackberry.
Clicking the link to the coin’s white paper links to the Twitter page of “MuzlM_Trader,” whose tweet also drew attention to Chamath Palihapitiya’s appearance on CNBC.
The subreddit also influenced the shocking price surge of Dogecoin, which briefly breached the top 10 list following a 570% increase in its spot price. Doge’s surge was also orchestrated on Reddit.
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